A property developer has snapped up student flats in Aberdeen as part of a multi-million-pound deal.
ATK Property Group has bought the 725-bed property on King Street.
The lack of student accommodation on offer in the Granite City has been highlighted as a concern for many years.
ATK Property Group co-owner Richard Thom said it was “an exciting time to be investing in Aberdeen” due to its “prestigious universities”.
The student housing at 403 King Street was previously owned by Aberdeen University.
ATK declined to say who it had acquired the property from.
Demand for student beds at ‘all time high’
The site offers students free Wi-Fi, all appliances, 24/7 maintenance support, free parking and contents insurance.
There is also a committed team of staff ooffering student support.
Twenty of the rooms have been offered to Robert Gordon University undergraduates as part of a donation through the Ardmuir Access Scholarship scheme.
Mr Thom said: “Demand for student beds is at an all-time high across the UK, and this is especially true of Aberdeen and Dundee; both of which have prestigious universities.
“They attract students from all over the world, but there has been a particular increase in the number of domestic students selecting Scotland as their place to study.”
Recent research carried out by Savills found there has been a reduction in the number of “private house in multiple occupation” flats available, increasing the demand for purpose-built student accommodation.
‘Exciting’ time to invest in Aberdeen
Mr Thom explained that Aberdeen in particular has undergone considerable change in recent years.
He said: “The north-east economy has moved away from its historic focus on oil, with significant investment now being seen in the renewable energy sector.
“This is an exciting time to be investing in Aberdeen, where the underlying purpose-built student accommodation supply and demand dynamics are so strong.”
ATK Property Group also purchased 125-bed Keiller Court in Dundee.
Specialist lender Together, helped to secure the finance needed, allowing Perthshire-headquartered ATK Property Group to purchase the portfolio.
